The non-upgraded version says that would be a watermark on the rendered video. But I can't find any exported video after spending long time

The non-upgraded version says that would be a watermark on the rendered video. But I can't find any exported video after spending long time rendering. Actually, will the non-upgraded version export any rendered video ? Export a video file with watermark , or , no video will be exported at all even athough it takes time for the rendering process ? thank you